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capital gains
I sold a rental property in2020. It was fully depreciated, thus the entire sales price was subject to capital gains tax. However, Turbo Tax assigned that amount to my ordinary income total. Did I do something wrong or is that the way it is done? In addition, I got a letter from y the IRS saying I had overpaid 2020 taxes and sent me a refund. Any enlightenment?
May 26, 2021
7:43 AM